https://www.taxtmi.com/caselaws?id=176387 Validly availed Modvat credit on inputs and capital goods was not required to be reversed merely because the final products later became exempt from excise duty. The Tribunal applied the principle from Dai Ichi Karkaria and the Larger Bench ruling in Ashok Iron & Steel Fabricators, holding that credit taken and utilised during the duty-paid period remains admissible absent any illegal or irregular availment. As no irregular credit was shown, there was no legal basis for directing reversal, and the revenue challenge failed. en-us Thu, 02 Jun 2005 00:00:00 +0530 Mon, 21 Dec 2015 15:43:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176387 Validly availed Modvat credit on inputs and capital goods was not required to be reversed merely because the final products later became exempt from excise duty. The Tribunal applied the principle from Dai Ichi Karkaria and the Larger Bench ruling in Ashok Iron & Steel Fabricators, holding that credit taken and utilised during the duty-paid period remains admissible absent any illegal or irregular availment. As no irregular credit was shown, there was no legal basis for directing reversal, and the revenue challenge failed. Case-Laws Central Excise Thu, 02 Jun 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176387